STABILITY ANALYSIS WITH APPLICATIONS OF A TWO-DIMENSIONAL DYNAMICAL SYSTEM ARISING FROM A STOCHASTIC MODEL FOR AN ASSET MARKET

We analyze the stability properties of equilibrium solutions and periodicity of orbits in a two-dimensional dynamical system whose orbits mimic the evolution of the price of an asset and the excess demand for that asset. The construction of the system is grounded upon a heterogeneous interacting agent model for a single risky asset market. An advantage of this construction procedure is that the resulting dynamical system becomes a macroscopic market model which mirrors the market quantities and qualities that would typically be taken into account solely at the microscopic level of modeling. The system`s parameters correspond to: (a) the proportion of speculators in a market; (b) the traders` speculative trend; (c) the degree of heterogeneity of idiosyncratic evaluations of the market agents with respect to the asset`s fundamental value; and (d) the strength of the feedback of the population excess demand on the asset price update increment. This correspondence allows us to employ our results in order to infer plausible causes for the emergence of price and demand fluctuations in a real asset market. The employment of dynamical systems for studying evolution of stochastic models of socio-economic phenomena is quite usual in the area of heterogeneous interacting agent models. However, in the vast majority of the cases present in the literature, these dynamical systems are one-dimensional. Our work is among the few in the area that construct and study analytically a two-dimensional dynamical system and apply it for explanation of socio-economic phenomena.

The impact of big-boxes on local retail : What happens when IKEA comes to town?

The development of large discount retailers, or big-boxes as they are sometimes referred to, are often subject to heated debate and their entry on a market is greeted with either great enthusiasm or dread. For instance, the world’s largest retailer Wal-Mart (Forbes 2014) has a number of anti- and pro-groups dedicated to its being and the event of a Wal-Mart entry tends to be met with protests and campaigns (Decamme 2013) but also welcomed by, for instance, consumers (Davis & DeBonis 2013). Also in Sweden, the entry of a big box is a hot topic and before IKEA’s opening i Borlänge 2013, the first in Sweden in more than five years, great expectations were mixed with worry (Västerbottens-Kuriren 2011).The presence of large scale discount retailers is not, however, a novel phenomenon but a part of a long-term change in retailing that has taken place globally over the past couple of decades (Taylor & Smalling, 2005). As noted by Dawson (2006), the trend in Europe has over the past few decades gone towards an increasing concentration of large firms along with a decrease of smaller firms.This trend is also detectable in the Swedish retail industry. Over the past decade, the retailing industry in Sweden has increased by around 190 Billion SEK, and its share of GDP has risen from 2,7% to 2,9%, while the number of employees have increased from 200 000 to 250 000 (HUI 2013). This growth, however, has not been distributed evenly but rather it has been oriented mainly towards out-of-town retail clusters. Parallel to this development, the number of large retailers has risen at the expense of market shares of smaller independent firms (Rämme et al 2010). Thereby, the presence of large scale retailers is simply part of a changing retail landscape.The effects of this development, where large scale retailing agents relocate shopping to out-of-town shopping areas, have been heavily debated. On the one hand, the big-boxes are accused of displacing independent small retail businesses in the city-centers and the residential areas, resulting in, to some extent, reduced employment opportunities and less availability for the consumers - especially the elderly (Ljungberg et al 2006). In addition, as access to shopping now tends to require some sort of a motorized vehicle, environmental aspects to the discussion have emerged. Ultimately these types of concerns have resulted in calls for regulations against this development (Olsson 2010). On the other hand, the proponents of the new shopping landscape argue that this evolution implies productivity gains, the benefits of lower prices and an increased variety of products (Maican & Orth 2012). Moreover it is argued that it leads to, for instance, better services (such as longer opening hours) and a creative destruction transformation pressure on retailers, which brings about a renewal of city-centerIIretail and services, increasing their attractivity (Bergström 2010). The belief in benefits of a big box entry can be exemplified by the attractivity of IKEA, and the fact that municipalities are prepared to commit to expenses amounting up to hundreds of millions in order to attract the entry of this big-box. Borlänge municipality, for instance, agreed to expenses of about 350 million SEK in order to secure the entry of IKEA, which opened in 2013 (Blomgren 2009).Against this backdrop, the overall effects of large discount retailers become important: Are the economic benefits enough to warrant subsidies or are there, on the contrary, some very compelling grounds for regulations against these types of establishments? In other words; how is overall retail in a region where a store like IKEA enters affected? And how are local retail firms affected?In order to answer these questions, the purpose of this thesis is to study how entry of a big-box retailer affects the entry region. The object of this study is IKEA - one of the world’s largest retailers, with 345 stores, active in over 40 countries and with profits of about 3.3 billion (IKEA 2013; IKEA 2014). By studying the effects of IKEA-entry, both on an aggregated level and on firm level, this thesis intends to find indications of how large discount retail establishments in general can be expected to affect the economic development both in a region overall, but also on the local firm level, something which is of interest to both policymakers as well as the retailing industry in general.The first paper examines the effects of IKEA on retail revenues and employment in the municipalities that IKEA chose to enter between 2000 and 2011; Gothenburg, Haparanda, Kalmar and Karlstad. By means of a matching method we first identify non-entry municipalities that have a similar probability of IKEA entry as the true entry municipalities. Then, using these non-entry municipalities as a control group, the causal effects of IKEA entry can be estimated using a treatment-control approach. We also extend the analysis to examine the spatial impact of IKEA by estimating the effects on retail in neighboring municipalities. It is found that a new IKEA store increases revenues in durable goods trade with 20% in the entry municipality and the number of employees with 17%. Only small, and in most cases statistically insignificant, negative effects were found in neighboring municipalities.It appears that there is a positive net effect on durables retail sales and employment in the entry municipality. However, the analysis is based on data on an aggregated municipality level and thereby it remains unclear if and how the effects vary within the entry municipalities. In addition, the data used in the first study includes the sales and employment of IKEA itself, which could account for the majority of the increases in employment and retail. Thereby the potential spillover effects on incumbent retailers in the entry municipalities cannot be discerned in the first study.IIITo examine effects of IKEA entry on incumbent retail firms, the second paper in this thesis analyses how IKEA entry affects the revenues and employment of local retail firms in three municipalities; Haparanda, Kalmar and Karlstad, which experienced entry by IKEA between 2000 and 2010. In this second study, we exclude Gothenburg due to the fact that big-box entry appears to have weaker effects in metropolitan areas (as indicated by Artz & Stone 2006). By excluding Gothenburg we aim to reduce the geographical heterogeneity in our study. We obtain control municipalities that are as similar as possible to the three entry municipalities using the same method as in the previous study, but including a slightly different set of variables in the selection equation. Using similar retail firms in the control municipalities as our comparison group, we estimate the impact of IKEA entry on revenues and employment for retail firms located at varying distances from the IKEA entry site.The results generated in this study imply that entry by IKEA increases revenues in incumbent retail firms by, on average, 11% in the entry municipalities. In addition, we do not find any significant impact on retail revenues in the city centers of the entry municipalities. However, we do find that retail firms within 1 km of the IKEA experience increases in revenues of about 26%, which indicates large spillover effects in the area nearby the entry site. As expected, this impact decreases as we expand the buffer zone: firms located between 0-2 km experiences a 14% increase and firms in 2-5 km experiences an increase of 10%. We do not find any significant impacts on retail employment.

An `upside-down` view of rural health care

Access to high quality health care services plays an important part in the health of rural communities and individuals. This fact is reflected in efforts by governments to improve the quality of such services through better targeting of funds and more efficient management of services. In Australia, the difficulties experienced by rural communities in attracting and retaining doctors has long been recognized as a contributing factor to the relatively higher levels of morbidity and mortality in rural areas. However, this paper, based on a study of two small rural communities in Australia, suggests that resolving the health problems of rural communities will require more than simply increasing the quality and accessibility of health services. Health and well-being in such communities relates as much to the sense of community cohesion as it does to the direct provision of medical services. Over recent years, that cohesion has diminished, undermined in part by government policies that have fuelled an exodus from small rural communities to urban areas. Until governments begin to take an 'upside-down' perspective, focusing on building healthy communities rather than simply on building hospitals to make communities healthy, the disadvantages faced by rural people will continue to be exacerbated.

Studio enquiry and new frontiers of research

Given the growing complexity of human existence, there is a need for new ways of representing ideas and of illuminating the world and domains of knowledge. A growing recognition of the limits of traditional ways of representing the world has given rise to a search for alternative approaches to transform and represent the contents of consciousness or what can be known of lived experience. Researchers are recognising that scientific inquiry is just one type of research and that ‘research is not merely a species of social science’ (Eisner 1997: 261). Dissatisfaction with positivism and behaviourism as reductive modes of knowing has also come from within the science disciplines themselves. In his work entitled, The Discontinuous Universe, (1972) Werner Heisenberg states that the knowledge of science is applicable only to limited realms of experience and the scientific method is but a single method for understanding the world. Moreover, the notion of scientifically-based knowledge as statements of ultimate truth contains an inner contradiction since ‘the employment of this procedure changes and transforms its object’ (Heisenberg 1972: 189). The work of Heisenberg and others including: Lincoln and Denzin (2003), Schwandt, (2001) and Schon (1983) reveals that knowledge is relational and that different models of inquiry will yield different forms of knowledge.

The value of community-based monitoring in marine protected areas

There is an increasing realisation of the importance of community or volunteer collected data for management programs that are otherwise limited by the availability of funds or resources. However, there are concerns regarding the reliability of scientific data collected by inexperienced people. We investigated the potential for community-based monitoring in Victoria’s newly established system of Marine Protected Areas. The main objectives for the study were to 1) develop a template for the scientific monitoring of marine habitats suitable for community groups, 2) assess data quality and data integrity collected by community volunteers and 3) determine a sustainable model for ongoing community participation in monitoring marine habitats. Three different habitats (subtidal, intertidal, and seagrass) were investigated and data collected by volunteers across these habitats was compared to that collected by scientists. Reliability of data collected by volunteers was dependent on habitat type and the type of measurement the volunteers were required to make. Qualitative estimates made by volunteers were highly variable across all three habitat sites, compared to quantitative data collection. Subtidal monitoring had the greatest inaccuracy for data collection, whereas intertidal reef monitoring was most reliable. Sustainability of community-based monitoring programs is dependent on adequate training for volunteers and the development of partnerships to foster greater community engagement.

The pragmatics of text facilitation : the study of academic English of native and non-native writers

In this paper I describe the discursive strategies related to the writer–reader textual reciprocity. I focus on one way of achieving such reciprocity -- the employment by the writer of facilitative schematic structures and metalanguage where one text segment signposts information conveyed in the segment that follows. I refer to these facilitative schematic structures as "organising relational schemata". I see organising relations as the most explicit components of the rhetorical structure of texts: they illuminate the main message and aid the reader's cognitive processes in the orientation of how information is conveyed by text.
This paper discusses the way the choices of organising relations and associated metalanguage by the writers in different cultures and different discourse communities contribute to the communicative homeostasis in the world of text. It shows how the influence of a native culture and intellectual style together with the forces operating within the writer's international disciplinary community interact in the authorial guidance in the scholarly prose.
I introduce and exemplify three types of organising relational structures: Advance Organisers, Introducers and Enumerators. I trace the utilisation of these three types of relations in sociology research papers written in English and produced in "Anglo" and Polish academic discourse comunities by native English speaking and native Polish speaking scholars. The relational typology adopted is based on a study by Golebiowski (2002), which proposed a theoretical framework for the examination of discoursal structure of research papers, referred to as FARS – Framework for the Analysis of the Rhetorical Structure of Texts. FARS entails a relational taxonomy which displays a pattern of rhetorical relations utilised by the writer to achieve textual coherence.
I describe intertextual differences in the frequency of occurrence of organising relations, their degree of explicitness and their positioning in the hierarchical structure of texts. Differences in the mode of employment of textual organisers suggest that the rhetorical structure of English research prose produced by non-native speakers cannot escape being shaped by the characteristics and conventions of the authors’ first language. They are also attributed to cultural norms and conventions as well as educational systems prevailing within the discourse communities which constitute the social contexts of texts.

The impact of globalisation on building surveying in Europe

This research examined the impact of globalisation on building surveying in Europe. Globalisation has resulted in the emergence of three large trading blocs or a global economy depending on the view one takes. This has impacted on property in two ways, by creating transnational companies who operate in many countries but require branding of their property, and companies who wish to invest in property markets other than their country of origin.

Building Surveyors have professional expertise and knowledge valued in the UK since the 1960 and 1970s but until recently not recognised in Europe, partly due to poor awareness of Building Surveying (BS) expertise, legal constraints, and practises relating to the employment of professionals. This is changing with the establishment of European Surveying associations and the globalisation of the RICS.

The results showed four factors provided the reasons for the globalisation of BS skills. These were that Building Surveyors provided a consistent level of service for their clients. Secondly that English is the language of business. Thirdly, clients perceive Europe as a single trading bloc with a need for technical representation in each investment centre, providing them with a fast, knowledgeable service. Fourthly, clients perceive that UK Building Surveyors know what international, or transnational, investors want.

The finding on the current demand for the BS services in Europe is that though demand is large, few Building Surveyors are located in Europe. Secondly, both investors and occupiers require the services of Building Surveyors, and local companies / individuals are beginning to use their professional services. Finally, there is a diverse range of demand for the many BS skills.

Five key barriers to the practice of BS skills in Europe emerged from the research. Firstly, there was the problem of limited local legal and technical knowledge possessed by outsiders. Secondly, there are legal barriers to practice in some cases. Thirdly, other professionals can, and do, offer the services of the Building Surveyor. Fourthly, there can be cultural differences between ‘values’ and ‘norms’ required in business that constitute barriers. Finally there can be ‘communication’ problems when the Building Surveyor is not located in the country where the service is required.

Investigations into the analytical applications and fundamental chemistry of the chemiluminescent reactions of Tris(2,2'-bipyridyl)ruthenium(III) with certain Papaver Somniferum alkaloids and other related compounds

The reaction of tris(2,2’-bipyridyl)ruthenium(III) (Ru(bipy) ₃³⁺) with various analytes to generate chemiluminescence has been well documented. This investigation sought to undertake a chemiluminometic study of the reactions of Ru(bipy) ₃³⁺ with selected Papaver Somniferum alkaloids and specifically synthesised phenethylamines. The investigation, based on a kinetic study, primarily addressed the effect of varying reaction conditions (pH) on Ru(bipy) ₃³⁺ chemiluminescence production. To monitor these reactions, a batch chemiluminometer was specifically designed, fabricated and automated to conduct an extensive study on the selected compounds of interest. The instrumentation incorporated a custom built reaction cell and comprised an ‘on-line’ sample preparation system with which calibration standards could be automatically prepared. The instrumentation provided both time-independent (peak area) and time-dependent (kinetic profile) information. A novel approach to the stabilisation of Ru(bipy) ₃³⁺ as a chemiluminescencent reagent was also investigated and a recirculating system was employed with the batch chemiluminometer to provide a stable supply of Ru(bipy) ₃³⁺. Codeine, thebaine and 6-methoxy-codeine were the Papaver Somniferum alkaloids selected for this study and several N-methylated and N,N-dimethylated phenethylamines and methoxy-substituted phenetheylamines were also synthesised to investigate the affect of pH on the chemiluminescence emission efficiency. The versatility of the batch chemiluminometer facilitated the kinetic study of numerous analytes over a broad pH range. The exemplary performance of the chemiluminometer as an analytical instrument, was demonstrated by the calibration functions, based on peak area data, which exhibited excellent linearity and sensitivity. The estimated detection limits (3s) for the selected alkaloids were in the range 2 x 10^-9 M to 7 x 10^-9 at pH 5.0 and above, which compared favourably to detection limits for the same compounds determined using FIA. Relative standard deviations (n=5) for peak areas ranged between 1% to 5% with a mean of 3.1% for all calibration standards above 2.5 x 10^-8 M. Correlation between concentration and peak area, irrespective of pH and analyte was excellent, with all but two calibration functions having r-squared values greater than 0.990. The analytical figures of merit exemplified the precision and robustness of the reagent delivery and ‘on-line’ sample preparation, as well as the sensitivity of the system. The employment of the chemiluminometer for the measurement of total chemiluminescence emission (peak area) was in itself a feasible analytical technique, which generated highly reproducible and consistent data. Excellent analytical figures of merit, based on peak area, were similarly achieved for the phenethylamines. The effects of analyte structure on chemiluminescence activity was also investigated for the alkaloids and the phenethylamines. Subtle structural variations between the three alkaloids resulted in either a moderately reduced or enhanced total emission that was two or three fold difference only. A significant difference in reaction kinetics was observed between thebaine and codeine/6-methoxy-codeine, which was dependent upon pH. The time-dependent data, namely the observed rate constants for the initial rise in intensity and for the subsequent decay rate, were obtained by fitting a mathematical function (based on the postulated reaction mechanism) to the raw data. The determination of these rate constants for chemiluminescence reactions highlighted the feasibility for utilising such measurements for quantitative analytical applications. The kinetic data were used to discriminate between analyte responses in order to determine the concentrations of individual analytes in a binary mixture. A preliminary, multi-component investigation performed on a binary mixture of codeine and 6-methoxy-codeine (1:1) successfully determined the concentrations of these individual components using such rate constant measurements. Consequently, variations in kinetics resulted in a significant difference between the relative chemiluminescence response based on peak area measurements and the relative response base on peak height measurements obtained using FIA. With regards to the observed reactivity of secondary amines and tertiary amines, chemiluminescence peak area determinations confirmed the vital role of pH on reaction efficiency, which was governed by structural features and kinetics. The tertiary amines investigated generally produced a greater emission under acidic conditions than the corresponding secondary amines. However, the measured chemiluminescence responses were highly dependent upon pH, with similar peak areas obtained for both amine groups under slightly alkaline conditions.

Revealing conceptions of rate of change

Rate of change is an important mathematical concept. Research referring to students’ difficulties with this concept spans more than twenty years. Research suggests that problems experienced by some calculus students are likely a result of pre-existing limited or incorrect conceptions of rate of change. This study investigated 23 Victorian Year 10 students’ understanding of rate as revealed by phenomenographic analysis of interviews. Eight conceptions of rate of change emerged. Four important aspects of the concept were identified and gaps in students’ thinking defined. In addition, the employment of phenomenography, to reveal conceptions of rate, is described in detail.

Selection of priority groups for obesity prevention current approaches and development of an evidence-informed framework

Resources for obesity prevention interventions are inevitably limited, necessitating the selection of priority groups to ensure effective and equitable use of funds. This paper aims to review published approaches to selection of priority groups ('target populations') for obesity prevention, and to present the development of a new systematic framework for organizing and assessing evidence for selecting priority groups. A review was conducted of the process and justification described for selecting priority groups in a sample of obesity prevention publications. Using the results of this review and adaptation of theory and frameworks in both the obesity prevention and health promotion priority-setting literature, a framework was developed for assessment of potential priority groups for obesity prevention. The published literature lacks discussion of and explicit processes for selection of priority groups for obesity prevention intervention. The new framework describes specific types of evidence that should be considered in the assessment of a potential priority group for obesity prevention and has applications for funding and implementing community-based or settings-level obesity prevention interventions and research. Application of this framework has the potential to enhance the effective use of limited obesity prevention resources and to identify areas in need of additional research evidence.

Model of the conflicts of student work and study

Excessive work demands cause students to have less time available for study, which results in them missing lectures and tutorials. This study seeks a more accurate understanding of why students undertake part-time work to the level that they do. This paper examines the extent of employment of undergraduate students enrolled in property and construction at RMIT University. Students responded to a questionnaire on the duration and nature of their part-time work.

The results of the paper suggest that one of the major issues facing educators is that students themselves believe that part-time employment benefits their long term career. Hence they are reluctant to reduce their work commitment. Past research suggests that there is sufficient evidence that this will create work-study conflicts. The paper concludes by suggesting that some form of work-integrated learning process may benefit both the student’s leaning and their need to obtain work skills.

Information structure and the flow of translation

Translators are often recommended to highly observe the natural flow of the target language of the translated texts. The use and order of discoursal aspects of texts such as thematic information, topical elements, left-dislocation, and passive voice, among others, which constitute information structure may sometimes conflict with this viewpoint. It is argued that such discoursal elements are determinant in understanding the flow of the texts in the source language and should not, therefore, be frequently switched around in the translated texts to fit the norm of the target language. The order of these linguistic elements should be maximally maintained when translating a text into a target language. It is after all the employment of such information structure units by the writer of the source text which is significant at any given point in discourse both cognitively, when processing the text, and interactionally, when communicating with the reader.

Elaborative relational structures in the research prose of sociology : an intercultural study

This paper investigates elaborative relational structures utilised by native English speaking and native Polish speaking scholars in sociology research articles written in English. The examined texts have been produced in American, Australian and Polish academic discourse communities. The study utilised the framework of the analysis of the rhetorical structure of tests (FARS) as an analytical tool (Golebiowski 2009, 2011). The following types of elaboration relations are discussed : amplification, extension, reformulation, explanation, instantiation and addition. Elaboration is analysed with respect to its textual function, frequency of employment, hierarchical location, recursiveness, discoursal prominence and explicitness. The elaborative systems in the examined texts are shown to be complex, with pervasive presence of multi-stage recursive structures. It is suggested that elaborativeness may be a general characteristic of the style of writing sociology, which, as a relatively new discipline, requires establishing of wide grounds for the proposed claims, where writers persuade their readers not only of the specific claims of their text, but also of frameworks of thought in which the claims are placed. It is hypothesized that the similarities in the elaborativeness across texts result from the shared stylistic conventions and traditions of the disciplinary research community of sociology, while differences in the mode of employment of elaboration relations are attributed to cultural norms and conventions as well as educational systems prevailing within the discourse communities constituting the social contexts of the studied texts.
Golebiowski, Z. (2011). Scholarly criticism across discourse communities. In Salager-Meyer, Françoise and Lewin, Beverly A. (eds), Crossed words : Criticism in scholarly writing, pp. 203-224, Peter Lang International Academic Publishers, Berlin, Germany.
Golebiowski Z. (2009). The use of contrastive strategies in a sociology research paper: A cross-cultural study. In Suomela-Salmi, Eija and Dervin, Fred (eds), Cross-linguistic and cross-cultural perspectives on academic discourse, pp. 165-186, John Benjamins Publishing Company, Philadelphia.

Women directors on boards of Australian Real Estate Investment Trusts

Purpose – This is the first paper which aims to investigate factors that might influence the gender composition of boards of directors of Australian Real Estate Investment Trusts (A-REITs).

Design/methodology/approach – This study follows Mateos de Cabo, Gimeno and Nieto and the gender diversity literature and investigates the existence and number of women directors on the boards of directors of 37 A-REITs from 2006 to 2011.

Findings – There is evidence that larger (by market capitalization) A-REITs are more likely to employ a woman director and that A-REITs with larger boards are more likely to employ a woman director and indeed more women directors. It also appears that A-REITs whose head office is in Sydney are more likely to employ a woman director and also more women directors.

Practical implications – Women seeking to be engaged as directors of A-REITs are more likely to be employed by larger A-REITs (by market capitalization), those with larger boards and those located in Sydney.

Originality/value – This paper adds to the existing literature on gender diversity by examining the factors that appear to influence the employment of women on A-REIT Boards.

The Twitter float and free labour : the political economy of digital media

Nick Dyer-Witheford’s Cyber-Marx was published nearly 15 years ago, but there are continuing echoes of its dire promises today. The trends that Dyer-Witheford outlined—the growth of tech-giants in the communications field at the expense of democratic media practices and the radical shedding of jobs in the traditional mass media context—are confirmed by recent events. In November 2013, Twitter launched itself on the public share register, despite having no visible means of financial support, or even much of a business plan. The Twitter IPO tells us a lot about the economy of cyber-capitalism. Aligned to the trend of ‘technological unemployment’ is the rise of what some commentators call ‘digital serfdom’. This is not just growing unemployment, but also drastic under-employment of talented media professionals and an alarming rise in the number of media outlets that want to pay contributors in ‘exposure’, rather than in corporeal, fungible dollars and cents. This articlediscusses these trends and events in the context of the political economy of digital communication.